EX-13.1 5 l12436aexv13w1.txt EX-13.1 . . . EXHIBIT 13.1 TEN-YEAR SUMMARY OF SELECTED FINANCIAL DATA
Dollars in thousands, except per-share and share amounts 2004 (a) 2003 2002(b)(f) 2001 2000 1999(e) --------- -------- --------- --------- --------- -------- OPERATING RESULTS: Net sales $ 544,767 $513,632 $ 433,761 $ 419,594 $ 441,828 $460,592 Gross profit (e) $ 100,462 $108,206 $ 107,928 $ 114,424 $ 138,099 $138,959 Gross profit margin 18.4% 21.1% 24.9% 27.3% 31.3% 30.2% Selling, general and administrative expenses $ 68,574 $ 68,479 $ 56,631 $ 55,716 $ 61,185 $ 64,131 Income from operations (IFO) (e) $ 23,895 $ 39,727 $ 51,297 $ 58,708 $ 76,914 $ 73,837 IFO margin 4.4% 7.7% 11.8% 14.0% 17.4% 16.0% Equity (loss) earnings - pretax $ (1,435) $ 4,429 $ 6,379 $ 6,384 $ 12,016 $ 8,857 Other income (expense) (f) $ 2,369 $ 3,484 $ (12,740) $ 3,500 $ 3,765 $ 4,410 Earnings before interest and income taxes (EBIT) (e) (f) $ 24,829 $ 47,640 $ 44,936 $ 68,592 $ 92,695 $ 87,104 EBIT margin 4.6% 9.3% 10.4% 16.3% 21.0% 18.9% Interest expense $ 13,049 $ 13,436 $ 8,263 $ 9,360 $ 12,216 $ 12,501 Income before income taxes (e) (f) $ 11,780 $ 34,204 $ 36,673 $ 59,232 $ 80,479 $ 74,603 Provision for income taxes $ 3,528 $ 5,131 $ 8,618 $ 19,840 $ 33,613 $ 31,175 Effective tax rate 30.0% 15.0% 23.5% 33.5% 41.8% 41.8% --------- -------- --------- --------- --------- -------- Net income (b) (e) (f) $ 8,252 $ 29,073 $ 28,055 $ 39,392 $ 46,866 $ 43,428 ========= ======== ========= ========= ========= ======== Net income margin 1.5% 5.7% 6.5% 9.4% 10.6% 9.4% PER-SHARE AMOUNTS: Diluted net income (b) (e) (f) $ 0.60 $ 2.11 $ 1.82 $ 2.53 $ 3.01 $ 2.64 Dividends paid $ 0.40 $ 0.40 $ 0.30 $ 0.30 $ 0.30 $ 0.30 OTHER INFORMATION: EBIT (c) $ 24,829 $ 47,640 $ 44,936 $ 68,592 $ 92,695 $ 87,104 Depreciation & amortization (b) 29,505 28,109 19,143 18,843 18,352 18,753 --------- -------- --------- --------- --------- -------- EBITDA (c) $ 54,334 $ 75,749 $ 64,079 $ 87,435 $ 111,047 $105,857 ========= ======== ========= ========= ========= ======== EBITDA margin 10.0% 14.7% 14.8% 20.8% 25.1% 23.0% Employees (annual average) 3,808 3,838 3,510 3,218 3,270 3,552 BALANCE SHEET DATA: Total assets $ 578,204 $551,116 $ 524,527 $ 468,082 $ 446,707 $434,395 Total liabilities $ 434,641 $411,259 $ 384,309 $ 302,717 $ 313,436 $342,552 Trade working capital (a) $ 151,007 $142,538 $ 127,945 $ 107,877 $ 126,384 $123,092 % of net sales 27.7% 27.8% 29.5% 25.7% 28.6% 26.7% Total debt $ 225,372 $230,933 $ 191,178 $ 148,032 $ 161,404 $184,626 CASH FLOW DATA: Net cash provided by operating activities $ 42,750 $ 29,210 $ 55,001 $ 52,930 $ 37,423 $ 70,597 Capital expenditures 40,482 25,718 17,535 36,863 18,621 11,069 Acquisitions and related costs - 513 62,046 - - - Proceeds from asset sales and other 16,623 1,410 3,523 (1,563) (63) 94 Dividends received from equity investments 980 4,900 4,659 4,918 2,940 517 --------- -------- --------- --------- --------- -------- Free cash flow (d) $ 19,871 $ 9,289 $ (16,398) $ 19,422 $ 21,679 $ 60,139 ========= ======== ========= ========= ========= ======== Shares repurchased $ - $ 38,918 $ 26,837 $ 1,229 $ 4,053 $ 42,828 Dividends paid $ 5,481 $ 5,506 $ 4,574 $ 4,588 $ 4,569 $ 4,821 Dollars in thousands, except per-share and share amounts 1998(e) 1997 1996 1995 -------- -------- -------- --------- OPERATING RESULTS: Net sales $436,522 $411,966 $397,656 $ 357,546 Gross profit (e) $114,573 $116,957 $109,118 $ 99,601 Gross profit margin 26.2% 28.4% 27.4% 27.9% Selling, general and administrative expenses $ 54,191 $ 49,585 $ 44,620 $ 38,953 Income from operations (IFO) (e) $ 40,336 $ 67,372 $ 64,498 $ 60,648 IFO margin 9.2% 16.4% 16.2% 17.0% Equity (loss) earnings - pretax $ 12,300 $ 5,843 $ - $ - Other income (expense) (f) $ 4,519 $ 2,355 $ 4,000 $ 3,035 Earnings before interest and income taxes (EBIT) (e) (f) $ 57,155 $ 75,570 $ 68,498 $ 63,683 EBIT margin 13.1% 18.3% 17.2% 17.8% Interest expense $ 12,674 $ 14,840 $ 14,962 $ 13,974 Income before income taxes (e) (f) $ 44,481 $ 60,730 $ 53,536 $ 49,709 Provision for income taxes $ 19,038 $ 24,604 $ 20,986 $ 19,685 Effective tax rate 42.8% 40.5% 39.2% 39.6% -------- -------- -------- --------- Net income (b) (e) (f) $ 25,443 $ 36,126 $ 32,550 $ 30,024 ======== ======== ======== ========= Net income margin 5.8% 8.8% 8.2% 8.4% PER-SHARE AMOUNTS: Diluted net income (b) (e) (f) $ 1.42 $ 2.27 $ 2.12 $ 1.97 Dividends paid $ 0.30 $ 0.30 $ 0.30 $ 0.30 OTHER INFORMATION: EBIT (c) $ 57,155 $ 75,570 $ 68,498 $ 63,683 Depreciation & amortization (b) 19,506 19,896 21,485 18,158 -------- -------- -------- --------- EBITDA (c) $ 76,661 $ 95,466 $ 89,983 $ 81,841 ======== ======== ======== ========= EBITDA margin 17.6% 23.2% 22.6% 22.9% Employees (annual average) 3,969 4,136 4,110 3,870 BALANCE SHEET DATA: Total assets $439,671 $449,600 $315,733 $ 321,815 Total liabilities $324,882 $349,611 $334,180 $ 368,931 Trade working capital(a) $118,554 $123,783 $ 95,929 $ 99,461 % of net sales 27.2% 30.0% 24.1% 27.8% Total debt $191,232 $213,946 $209,233 $ 251,018 CASH FLOW DATA: Net cash provided by operating activities $ 54,325 $ 39,793 $ 64,639 $ 31,565 Capital expenditures 19,579 19,585 19,812 22,709 Acquisitions and related costs - - - 40,819 Proceeds from asset sales and other 1,639 654 170 - Dividends received from equity investments 14,232 - - - -------- -------- -------- --------- Free cash flow (d) $ 50,617 $ 20,862 $ 44,997 $ (31,963) ======== ======== ======== ========= Shares repurchased $ 27,258 $ - $ - $ - Dividends paid $ 5,253 $ 4,550 $ 4,511 $ 4,501
(a) Defined as inventory plus accounts receivable less accounts payable. (b) Effective January 1, 2002, we adopted SFAS 142, "Goodwill and Other Intangible Assets." The detail of the impact of the adoption are disclosed in note 7 to the Consolidated Financial Statements. (c) We believe that EBIT and EBITDA (earnings before interest, taxes, depreciation and amortization), non-GAAP financial measures, are useful metrics for evaluating our financial performance as they are measures in which we internally assess performance. (d) We believe that Free Cash Flow (net cash provided by operating activities, less capital expenditures and acquisition & related costs, plus proceeds from asset sales and other and dividends received from equity investments) is a useful metric for evaluating our financial performance as it is the measure in which we internally assess performance. (e) In 2004, we incurred $14,519 of pretax charges related to the realignment of our glassware production capacity. Of this amount, $6,526 is included in gross profit with the remaining $7,993 included in income from operations (see note 10 to the Consolidated Financial Statements). We incurred a pretax charge of $991 in 1999 and $20,046 in 1998 for the closure of our Canadian facility. These amounts are included in income from operations. (f) 2002 includes $13,634 of expenses related to abandoned acquisition (see note 4 to the Consolidated Financial Statements).